Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, has started investing in Bitcoin. After previously calling cryptocurrency “junk”, he has now changed his mind and believes that cryptocurrencies will stay here. He is also getting used to the volatility of Bitcoin and believing that institutional investors are ready to weather price fluctuations.
Kevin O’Leary Now a Bitcoin believer
Canadian investor and television star Kevin O’Leary has changed his mind about Bitcoin. He used to call the cryptocurrency “junk” and “giant-nothing burger”, but now he’s invested in Bitcoin and believes it’s no longer a fad.
“I actually think digital currencies will stay here,” he said in an interview with CNBC last week. “Most people willing to hold it, including institutions in the past 90 days, are ready to deal with the volatility.” O’Leary explained:
I am fascinated. I am investing. I have a 3% weighting between Ethereum and Bitcoin. The volatility makes me sick, but I’m getting used to it.
“And finally, I’m starting to think about how to invest in bitcoin mining infrastructure,” added Wonderful.
Commenting on Bitcoin’s volatility, O’Leary said, “Given the volatility of cryptocurrencies, the first thing you need to decide when you decide to participate first is what percentage of your portfolio you will allocate. For me, 5% is the maximum. “
Anthony Pompliano, a Morgan Creek Digital partner who had been trying for years to convince O’Leary to invest in BTC, responded to the Shark Tank star’s 5% allotment statement. “You forbade me to have 50% and you called everything ‘garbage’ but now you think 5% is acceptable. After all, you will be 50% yourself. “
O’Leary replied, “Right, I change when the facts change.” He emphasized:
Canadian, Swiss and many other regulators have achieved a BTC of 180%. This is a game changer for a lot of investors including me.
O’Leary had always worried that regulators would weigh heavily on Bitcoin. In December he warned: “Adult men will cry when this happens. You will never experience such a loss of capital in your life. It will be brutal. “Still, he said he would be willing to invest 5% of his portfolio in these if a Bitcoin ETF were approved. The Canadian Securities Commission recently approved two Bitcoin ETFs.
Do you think Kevin O’Leary will continue to put more money into Bitcoin? Let us know in the comments below.
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